STATEMENT: CAP Responds to 2016 Social Security Trust Funds Report
Today’s Social Security trustees report once again highlights the program’s strength in providing basic income guarantees to retired and disabled workers and their families, as well as to the survivors of deceased workers. Social Security can pay full benefits without any changes for close to two decades, until 2034. And even through 2090, it will have enough money to pay about three-quarters of all promised benefits if Congress makes no changes to the program. Any calls by conservatives to cut benefits, especially as wage stagnation and income inequality continue to eat away at families’ economic security, are out of touch and misguided.
Instead, the debate about Social Security must be appropriately focused on how best to ensure that all Americans can have a dignified retirement. To that end, Congress should expand benefits for particularly vulnerable families, including raising the minimum benefit and increasing benefits for widows and caregivers, while discussing ways to improve Social Security’s long-term financial outlook even further.
- Laying the Groundwork for More Efficient Retirement Savings Incentives by Christian E. Weller and Teresa Ghilarducci
- Keep Calm and Muddle Through by Christian E. Weller and David Madland
- 5 Reasons Why Social Security Matters for Women’s Economic Security by Sarah Jane Glynn and Jackie Odum
- The Reality of the Retirement Crisis by Keith Miller, David Madland, and Christian E. Weller
- The Effect of Rising Inequality on Social Security by Rebecca Vallas, Christian E. Weller, Rachel West, and Jackie Odum
- Social Security Disability Insurance: A Bedrock of Security for American Workers by Rebecca Vallas and Shawn Fremstad
For more information on this topic or to speak with an expert, contact Liz Bartolomeo at email@example.com or 202.481.8151.